Enovix To Buy Korean Battery Manufacturer Routejade

(RTTNews) - Enovix Corporation (ENVX), Wednesday announced the acquisition of privately-held Routejade, an established Korean battery manufacturer, in a stock-and-cash deal.

The total consideration is for about 6.2 million shares of Enovix common stock and $16.5 million in cash assuming purchase of 100% of Routejade.

The acquisition provides Enovix with vertical integration of electrode coating and battery pack manufacturing while adding an established lithium-ion battery business with factories in Korea, along with complementary products, customers, and suppliers. The transaction is expected to close in the fourth quarter of 2023 and be immediately accretive.